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The shares will be sold to “non-US investors”. SPI trades its shares over the counter, meaning there is no oversight by a formal stock exchange.

The announcement comes amid a flurry of recent news from the developer, including finalizing a separate $21.75m share placement, and announcing plans to sell a 50MW pre-construction project in China.

SPI was acquired by vertically integrated PV manufacturer LDK Solar in 2011, at a time when many of LDK’s rivals were pushing into project development and EPC work. SPI calls itself a “vertically integrated PV developer”.

LDK is currently undergoing provisional liquidation in the Cayman Islands.

Xiaofeng Peng, who is executive chairman of LDK Solar, is also chairman of SPI.

SPI’s current chief executive and chief financial officers both came from LDK Solar.